Debt.. getting me down - i'm only 20 :(

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Debt.. getting me down - i'm only 20 :(

Postby Sara_platermen112 » Fri Jan 04, 2008 12:08 pm

Hi Guys,

I'm starting to get worried now, im 20 years old and have - sorry, had a credit card - i run up £1000 on that

i then have an overdraft that i just keep putting up an upp an upp, it went to a stage off £800 which doesnt sound alot but im always in it! so the bank woman who i thought was helping me decided for me to take a loan out covering my old credit card which at the time was only £250 an my overdraft i did this an she also said i have more on top of that loan to give me some leway an i can have a little time to relax an enjoy some money in the end i took a £1800 loan out.
Becuase i live at home an have no credit history my interest is 29.9 apr. its never going down, its too hard - i pay £90 a month an they whack something like £40 back on top!!!! i just paid that off!!!!!!! Its the same with my credit card, i pay £50 of that a month, an they put £40 bak on!

I also have a catolog which i pay monlthy - these also keep upping it to thousands but thankfully im doing slightly well on that. an only have spent £300 on that.

I think i'm addicted to shopping as this is what all my money has been spent on. its so hard to keep up with fasion without getting into debt.

I live at home, with my parents i have no rent to pay nothing. I should be rich!!!!!!! But im getting more an more stuck in debt! How on earth will i ever be able to afford to move out??? or to live. I want to start saving i really do.

What shall i do before it gets even more serious????????? I need someone to sit me down an sort my money out... me an my dad have done this but i still carry one. whats wrong with me?!!!!!!!!! im getting really worried over it now.. :(

thanks xxxxxx
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Postby Bel Bel » Fri Jan 04, 2008 12:46 pm

The only way to stop this is cut up the credit card and throw away the catalogue as soon as it arrives.
By paying the catalogue and the loan you will have built up a credit score
Borrow the money to pay back the loan from a better lender, look on money supermarket.com to get an idea of who is offeing good rates.
Then once you have the new loan at a resonable rate you need to set yourself a budget each month for eveything
Write down all your expenses and whatever is left you can spend but have a weekly allowance
Take out the monthly spend amount each month give it to your dad with your bank card and tell him only to give you x amount each week
Tell him to be firm and not allow you to take over budget and never to give you your bank card except on payday.
You will then learn to live within your means. It's easy to accesorise chaeply to change plain clothes into a different outfir. set a small amount of your budget each month for clothes allowance.
It's all very well wanting new clothes but at the cost of living at home forever it's not worth it
You could also take a part time job to help clear the overdraft.
If your still struggling talk to someone at citizens advice
Life is for living so live it to the fullest

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Postby Sara_platermen112 » Fri Jan 04, 2008 12:56 pm

Thanks for taking your time in replying to me.

I cant find a better apr loan as noone will accept me due to me having no credit score. Its unfair how they treat people with no credit score as bad credit?? I found it hard to get a credit card an a loan as it was. I have cut up the credit card. I have found out my load should be paid off soon!! You idea is fab to give my dad my bank card an my weekly money, he can give it to me daily - so determind to get on top off this!! thanks :D xxx
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Postby Bel Bel » Fri Jan 04, 2008 1:04 pm

Now that you have a loan and have been paying it your credit score should have changed. After 3 payment son time it should make a difference
Worth checking again now if you feel it will help! Don't forget you will need a settlement figure to find out exactly what you owe on the old loan.
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Postby Neesy » Thu Feb 07, 2008 5:29 pm

I was in the same sort of pickle as you so went to see my bank manager and told him exactly what the problem was. He gave me a loan to clear my credit card debts (the repayments are far more manageable) and I asked him to cut up the cards in front of me.

Still have a long way to go but just the feeling of being in control is great! In fact, today is the first time that I have had money left in my account before payday - only £18 but its a start :wink:
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